Blues’ losses mount as borrowing soars
The parent company of Birmingham City FC, Birmingham Sports Holding, has filed increased losses for the 12 months ended 30 June 2019.
The company’s accounts show that Blues lost £32.2m over the 2018/19 period.
Revenues for the year came in at £21.3m, as the club again struggled with large overheads derived from bloated staff numbers.
The Hong Kong-based owners attempted to narrow the losses by raising around £31m via a new shares issue during the season. The company used three-quarters of this money to pay debts, according to the filed accounts.
Blues’ owners borrowed £13.5m from lenders during the year – a figure that more than doubled from 2018 when the company borrows £6.9m.
Total borrowing now stands at £22.3 – up from £17.2m 12 months ago.
Birmingham City currently sit 13th in the Championship after losing 3-2 away at Derby County on Saturday.
